NMMS- Profit and Loss - (MCQ) on Mathematics EXAM PREPARATION
Dear Readers, Welcome to Quantitative Aptitude #Profit_and_Loss questions and answers with explanation. These Average solved examples with shortcuts and tricks will help you learn and practice for your Placement Test, competitive exams and entrance exam like Bank PO, IBPS PO, SBI PO, RRB PO, RBI Assistant, LIC,SSC, MBA - MAT, XAT, CAT, NMAT, UPSC, NET, Super 100 Haryana, Buniyaad Scheme Haryana, Super 100 NDA, Jawahar Navodaya Vidyalaya, MP Super 100, Super 100 Bhopal, NTSE, NMMS and etc.
NMMS - NATIONAL TALENT SEARCH EXAMINATION Exam Preparation
By learning through our online math's classes for NMMS classes, you will be able to crack your NMMS Entrance Exams easily. We provide all the exam, math's formula, math's important questions, notes, PDF, exam preparation, NMMS registration, NMMS online classes, books, math's book, math's, preparation modal paper, and all types of courses of the scheme called NMMS. Daily math's quizzes on NMMS.
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Introduction Profit And Loss
Every company and business works on the fundamental concept of profit and loss. It is very important to familiarize yourself with profit and loss, not only to run a business or company but also to keep an account of your own expenditure. Money is actually a tricky concept to explain to kids without giving them an opportunity to get hands-on experience. Parents often take their kids to the supermarket to make them learn about the price marked on every good and the calculation of total price. Later, kids come across the concept of discount on the cost price and the concept of comparing prices before purchasing. Comparing prices is also a form of profit and loss as you learn to save money by buying the same good at a comparatively lesser price.
The term 'Profit and Loss' is a concept developed from various applications to real-life problems which take place in our lives almost every day. When a good is re-purchased at a greater price then a profit is incurred. Similarly, if the good is repurchased at a lesser price then there is a loss.
Terms related to Profit and Loss
We have come across the word profit and loss many times. Profit stands for gain, advantage or benefit whereas loss is the opposite of profit that involves expenditure as compared to gain.
Cost Price (CP): It is the amount at which a product is purchased. Sometimes it also includes overhead expenses, transportation cost, etc. For example, you bought a refrigerator at Rs 10,000 and spent Rs 2000 for transportation and Rs 500 for set up. So the total cost price is the sum of all the expenditure done, that is, Rs 12,500.
Selling Price (SP): It is the amount at which a product is sold. It may be more than, equal to or less than the cost price of the product. For example, if a shopkeeper bought a chair at Rs 500 and sold it at Rs 600, then the cost price of the chair is Rs 500 and the selling price of the chair is Rs 600.
Profit (P): If a product is sold at a price more than its cost price then the seller makes a profit. For example, a plot was purchased at Rs 50,000 and three years later it was sold at Rs 1,50,000 then there is a profit of 1 lakh.
Loss (L): If a product is sold at a price less than its cost price then the seller makes a loss.
For example, a phone is bought at Rs 20,000 and a year later it was sold for Rs 12,000 then the seller made a loss of Rs 8000.
Profit Percent (P%): It is the percentage of profit on the cost price.
Loss Percent (L%): It is the percentage of loss on the cost price.
About NMMS (NATIONAL MEANS — CUM — MERIT SCHOLARSHIP)
The National Means Cum Merit Scholarship (NMMS) is a prestigious scholarship program implemented by the government of India to promote education among economically disadvantaged students. The scholarship aims to reduce the dropout rate at the secondary level and ensure that talented students from financially weaker backgrounds have access to quality education.
Under the NMMS scheme, meritorious students studying in class 8th are identified through a national-level examination conducted by the respective State/UT governments. The selection process is based on a combination of academic merit and family income criteria. Students who meet the eligibility criteria and perform well in the examination are awarded scholarships to continue their studies.
The scholarship provides financial assistance to the selected students for their entire secondary education, which includes classes 9th to 12th. The scholarship amount covers a variety of educational expenses, such as tuition fees, books, stationery, and other miscellaneous costs. This support enables the students to focus on their studies without the burden of financial constraints.
Apart from the financial assistance, the NMMS scholarship also offers recognition and encouragement to the students. Being selected for this prestigious scholarship program serves as a motivation for the students to excel academically and achieve their goals. It not only acknowledges their talent but also helps build their confidence and self-esteem.
Overall, the National Means Cum Merit Scholarship is a valuable initiative that plays a crucial role in empowering deserving students from economically weaker sections of society. By providing financial support and recognition, it paves the way for a brighter future for these students, enabling them to unlock their full potential and contribute positively to society.
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